Newcastle Intermediaries has launched two 10-year fixed rate deals which have an early repayment charge for the first five years only.

The first 10-year fix at 2.85% until 31/10/2029 is available with a maximum LTV of 80%, fees of £999 and 10% overpayments per annum.

The second, available at a maximum LTV of 90%, is fixed at 2.89% until 31/10/2029 and comes with fees of £999 and 10% overpayments per annum.

Both have an early repayment charge of 5% until 31/10/2024.

Ben Smith, head of product development at the Newcastle Building Society, said: “As consumers are looking to longer term fixed rates in the current interest rate environment we are pleased of launch a range of 10-year options.

“As well as offering a very competitive rate, customers have the added benefit of no early repayment penalty after five years, giving the flexibility of a five-year product with the guaranteed rate of a 10-year.”

Rachel Springall, spokesperson at Moneyfacts, added: “These new 10-year fixed rate mortgages from Newcastle Building Society are competitively priced and will likely attract borrowers looking to safeguard their monthly mortgage repayments over the longer-term.

“The 90% loan-to-value offer, priced at 2.89%, is a market-leading rate in its sector, and both this option and the deal at 80% loan-to-value at 2.85% allow borrowers to repay their mortgage after five-years without penalty. As with any mortgage, it’s important for borrowers to work out the true cost of any deal before they commit.”